Looking to move into a new condominium complex. They are asking $302,000 for a 2 bed/2bath 1241 sq ft in gated community *(by NJ standards not bad at all for new). I am trying to see if there are indeed standards in negotiations as this is my first home. Some things to consider : This "luxury" gated community is located in a not-so-luxury part of New Brunswick,NJ , but close enough to a booming downtown district with theaters and fine restaurants...but seriously out of place in general. Secondly, they have "plenty" of units available, which leads me to believe they are not selling so quickly.
So is there a standard percentage to go by or am I stuck paying full value here? What do I have to go by...what kind of research should I do as there is no comparable complexes in the area
2007-06-03 15:51:11 · 4 answers · asked by SomeRandomGuy 3 in Business & Finance ➔ Renting & Real Estate
Yes don't be afraid to make a low offer, in most states the real estate agent is required to present the offer. They may say no but they may counter you back at a price lower than what they were asking.
But before you do anything goto your local county building and ask for the selling prices of other condos in there are selling for, this can also be done by your relator and they are called comps. But sometimes your relator will only show you the ones they want you to see, especially if they work for the people selling the condos. Good Luck, and take your time.
2007-06-03 16:02:41 · answer #1 · answered by misty m 4 · 0⤊ 1⤋
That is going to completely depend on the developer. If they sell you one for below asking price, other buyers will expect the same. Their current inventory will have a lot to do with your bargaining power. You will probably have better luck offering full price and asking for $$ towards closing costs or upgrades like wood flooring/granite countertops/stainless steel appliances.
Consult a realtor to find out exactly how many units are available vs. how many sold. You never know, they may just want to sell off the remaining inventory and you could get a great deal.
2007-06-03 23:00:25 · answer #2 · answered by Scott B 3 · 0⤊ 0⤋
There is no such thing as a standard,. but all developers are willing to negotiate. If you have a buyer/broker make them earn their money and see what you can get included for free. If you don't have a buyer/broker then you have an almost automatic 3% of the sales price that could be applied to extras. It doesn't hurt to ask, make them say no at least twice before you say OK.pp
2007-06-03 22:58:17 · answer #3 · answered by ttpawpaw 7 · 0⤊ 0⤋
You can bring in a real estate representative of your own. The people selling to you are legally obligated to the seller to get you to pay as much as possible.
A good agent can get you as much as 20% off, plus all available upgrades for free.
2007-06-03 23:19:44 · answer #4 · answered by Landlord 7 · 1⤊ 1⤋